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Commercial Vehicles Finance
-FAQs
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Do you finance on all makes of CVs?
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Types of Asset Financed
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Yes
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Do you finance for body construction as well?
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Types of Asset Financed
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We extend finance for body construction selectively for buses only.
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What will be the quantum of finance?
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Finance Quantum
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The maximum finance that we provide is 75% of the on road cost of the vehicle (excluding accessories and insurance).
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In case I have an existing fixed deposit with you, will you consider that amount as a security and give me higher funding?
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Rate Of Finance
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No.
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Do you quote on a flat rate basis or on diminishing balance basis?
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Rate Of Finance
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We quote on a flat rate basis.
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Is there any service charges or document charges?
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Rate Of Finance
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We do not levy any service charges. We only collect stamp charges and charges levied by any statutory authority: that varies depending on the place of execution of the contract.
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How much time do you take to sanction a loan?
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Turnaround Time
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Normally the approval is accorded in one working day on submission of all the required documents and information.
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Will you give me a copy of the agreement duly filled in for my records?
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Turnaround Time
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Yes
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Do you need any collateral security?
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Collateral Security
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No.
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Will you require a guarantee always?
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Collateral Security
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Normally we require a guarantor.
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Can I change dealers at any point of time?
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Dealer Related
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Yes, this is subject to certain terms and conditions.
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Do you have tie-up with leading automobile manufacturers/ dealers?
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Dealer Related
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Yes. Special schemes in tie-up with various dealers will be running at various locations and at various points of time. Click here to send us a mail to find out whether any special scheme is running in your area.
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Can I issue cheques drawn on banks where you do not have branches?
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Repayment Procedure
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Yes. However, a charge is leviable for collection of such cheques.
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Can I make bulk part payments to reduce the finance quantum and also have a revised repayment structure?
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Repayment Procedure
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Yes. However this can be accommodated only within six months from the date of agreement.
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Can I remit the instalment in any branch?
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Repayment Procedure
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Yes. You can remit your instalment in any of our branches. Click here to view our list of branches
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What is the procedure in case I wish to foreclose my account?
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Foreclosure
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Upon your specific request, we will advise the settlement amount to you and on remittance of the same the necessary termination papers would be issued.
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Can the basic terms of the contract be altered? If so, which components could be altered?
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Foreclosure
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We can alter the amount of finance & tenure on execution of a supplemental agreement if agreed to.
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What should I do when my contract tenure gets over?
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Normal Closure of Contracts
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On payment of the last instalment and any other dues as per the agreement, the termination papers including the RTO related papers would be issued.
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What papers do I have to collect on termination?
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Normal Closure of Contracts
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The hire purchase termination letter, the no-objection letter addressed to the RTO and insurance endorsement cancellation letter
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At what frequency do you send me periodical statement of account?
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Other Services
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Statement of accounts would be sent only on a request from you.
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What should I do in the case of address change? Whom should I intimate?
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Other Services
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You can intimate the branch, which you normally deal with. Otherwise send us e-mail by clicking here
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Is third party insurance cover alone sufficient?
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General
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No. Comprehensive coverage is required.
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Do you insist that insurance has to be done only through your agent? Can I take responsibility for insurance on my own?
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General
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We do not insist on this, but should ensure to arrange for comprehensive insurance and produce the policy copy with our hire purchase endorsement in time. However, if you pay the premium deposits along with your monthly instalments we can take care of your future insurance needs.
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